上 市 公 司 2025 年 04 月 28 日 无锡银行 (600908) ——业绩稳健增长，拨备仍处高位 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 25 日 | | --- | --- | | 收盘价（元） | 5.66 | | 一年内最高/最低（元） | 6.66/4.82 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 3.53 | | 流通 A 股市值（百万元） | 11,316 | | 上证指数/深证成指 | 3,295.06/9,917.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.87 | | 资产负债率% | 91.09 | | 总股本/流通 A 股(百万) | 2,195/1,999 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 12-25 01-25 02-25 03 ...

Core Viewpoint - The Southwest region of China, comprising Sichuan, Yunnan, Guizhou, Chongqing, and Tibet, is a significant driver of western development, with several listed banks reporting positive growth in assets and operating performance for 2024 [1][2]. Group 1: Asset Scale and Growth - Chengdu Bank is the only bank in the region to surpass 1 trillion yuan in total assets, reaching 1.25 trillion yuan with a growth rate of 14.56% [2][3]. - Chongqing Bank follows with total assets of 856.64 billion yuan, growing by 12.73% [3]. - Guizhou Bank's total assets exceeded 580 billion yuan, with the lowest growth rate among the five banks at 2.29% [3]. - Luzhou Bank and Yibin Bank have asset scales below 200 billion yuan, with Luzhou Bank at 171 billion yuan and Yibin Bank at 109.21 billion yuan [4][5]. Group 2: Operating Performance - All five banks reported increases in both operating income and net profit for 2024, with Guizhou Bank showing the highest revenue growth at 9.46% [6][7]. - Chengdu Bank led in revenue with 22.977 billion yuan, a 5.88% increase, although its growth rate has been declining in recent years [7]. - Chongqing Bank's revenue was 13.679 billion yuan, up 3.54%, with a notable increase in non-interest income [7][8]. - Luzhou Bank and Yibin Bank had revenues below 5.5 billion yuan, with Yibin Bank's revenue growth slowing significantly [8]. Group 3: Asset Quality - Chengdu Bank boasts the lowest non-performing loan (NPL) ratio at 0.66%, while Guizhou Bank has the highest at 1.72%, marking the only increase among the banks [10][11]. - The provision coverage ratio for Chengdu Bank is the highest in the region at 479.28%, indicating strong risk management [10][13]. - Luzhou Bank's NPL ratio decreased to 1.19%, while Chongqing Bank's NPL ratio fell to 1.25% [10][11]. - Yibin Bank's NPL ratio slightly decreased to 1.68%, but it still faces significant risks in certain sectors [11][13].

Core Viewpoints - The bank's Q1 2025 operating income, PPOP, and net profit attributable to shareholders showed year-on-year growth rates of -4.06%, -4.38%, and 0.31% respectively, with changes of +2.99 percentage points, +5.26 percentage points, and -1.91 percentage points compared to Q4 2024 [1] Group 1: Highlights - Loan growth rebounded with a year-on-year increase of 5.24% by the end of Q1 2025, up 1.36 percentage points from Q4 2024, driven by targeted credit allocation in key sectors such as technology, green finance, and inclusive finance [2] - Deposit growth showed recovery with a year-on-year increase of 3.49% by the end of Q1 2025, up 4.92 percentage points from Q4 2024, resulting in an additional 202.7 billion yuan in deposits for the quarter [2] - The bank's fee and commission income grew by 3.27% year-on-year in Q1 2025, marking the first positive growth in this area since 2021, with expectations for continued growth throughout the year as macroeconomic conditions improve [2] - Investment income saw a significant increase, with net investment income rising by 303.0% year-on-year, despite a 212.6% negative change in fair value gains and losses [2] Group 2: Concerns - The net interest margin continued to narrow, measuring 1.39% in Q1 2025, down 14 basis points from Q4 2024, with asset yield under pressure [3] - The bank's non-performing loan ratio remained stable at 1.25%, while the provision coverage ratio decreased to 174.44%, indicating a need for further strengthening of the provision buffer [3] Group 3: Investment Recommendations - The bank announced a total dividend of 0.189 yuan per share for 2024, with a payout ratio of 30.14%, reflecting a 1.73 percentage point increase from 2023, suggesting ongoing investment value [3]

Core Insights - The Yangtze River Delta urban agglomeration is a crucial intersection of the "Belt and Road" initiative and the Yangtze River Economic Belt, comprising Shanghai, Jiangsu, Zhejiang, and Anhui provinces, with seven listed city commercial banks [1] - In 2024, the total asset scale of these seven banks reached 17.72 trillion yuan, with Jiangsu Bank, Shanghai Bank, and Ningbo Bank each exceeding 3 trillion yuan [1][3] - All seven banks reported positive growth in revenue and net profit, with asset quality remaining strong, as six banks maintained non-performing loan ratios below 1% [1][18] Asset Scale and Growth - Jiangsu Bank's total assets reached 39,520.42 billion yuan, a 16.12% increase from the previous year [3][5] - Shanghai Bank's total assets were 32,266.56 billion yuan, growing by 4.57% [3][5] - Ningbo Bank's total assets amounted to 31,252.32 billion yuan, with a growth rate of 15.25% [3][5] - Nanjing Bank, Hangzhou Bank, and Huishang Bank surpassed 20 trillion yuan in assets, while Suzhou Bank had the smallest asset scale at nearly 700 billion yuan [1][3] Revenue and Profitability - Jiangsu Bank led in revenue with 808.15 billion yuan, marking an 8.78% increase [10][12] - Ningbo Bank followed with 666.31 billion yuan in revenue, up 8.19% [10][12] - Nanjing Bank achieved a revenue growth rate of 11.32%, the only bank with double-digit growth [10][12] - Net profit for Jiangsu Bank exceeded 300 billion yuan, with a growth of 10.76% [13][12] Asset Quality - The non-performing loan ratio for Jiangsu Bank was 0.89%, while Ningbo and Hangzhou Banks had the lowest at 0.76% [18][19] - Shanghai Bank had the highest non-performing loan ratio at 1.18% [17][18] - The provision coverage ratios for most banks were robust, with Jiangsu, Nanjing, and Ningbo Banks exceeding 300% [20][18] Loan Distribution - Jiangsu Bank's loans in Jiangsu province accounted for 86.13% of its total loans, with significant portions also allocated to the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area [7] - Nanjing Bank's loans were primarily distributed in Jiangsu, with 84.92% of its loans in the province [7] - Huishang Bank's loans were predominantly in Anhui, making up 88.87% of its total [8]

北京银行前身是由原北京 90 家城市信用社于 1996 年初组建而成的北京城市合作银行股份有限公 司， 1998 年更 名为 北京市商业银行股份有限公司 ， 2004 年正式更名为北京银行股份有限公司。 2005 年，北京银行引入外资战略投资者 荷兰国际集团 （ ING BANK N.V ）成为第一大股东， 2007 年在上交所 上市，股票代码为 601169 。 北京银行经营网络已经覆盖除北京外的，天津、石家庄、济南、青岛、上海、南京、苏州、杭州、宁波、深圳、 南昌、长沙、西安、乌鲁木齐等全国十余个中心城市，在香港特别行政区、荷兰设有代表处。但作为城市商业银行， 北京银行业务仍主要集中在北京及周边地区。 2024 年，京津冀及环渤海地区的营业收入、利润总额分别占全部收入和利润总额的 77.05% 和 85.66% 。 | 地区 | 营业收入 | 利润总额 | 资产总额 | | --- | --- | --- | --- | | 京津冀及环渤海地区 | 53,874 | 24,365 | 3,078,348 | | 长三角地区 | 6,936 | 1,675 | 636,718 | | 其他地区 | 9,10 ...

华夏银行由首钢总公司（现更名为 "首钢集团有限公司"）于 1992 年独资组建， 1995 年实现股份 制改造，变更为有 33 家法人股东 的股份制商业银行 （首钢总公司仍是第一大股东）。 2003 年在上次 所上市，股票代码为 600015 。 一、传统收益下降，投资补位明显 截至 2024 年末，华夏银行总资产达到 4.38 万亿元 ，增速 2.86% ；当年实现营业收入 971.46 亿元 ，同比增长 4.23% ；实现归母净利润 276.76 亿元 ，同比增长 4.98% 。 2024 年华夏银行 主要规模类指标均保持正增长，整体经营尚可 。 随着商业银行净息差收窄，华夏银行等商业银行均在不断开拓非息收入，在手续费也下降的情况 下，依靠投资兼取价差成为其增收的手段。 从近五年看，利息净收入当然仍是营业收入最主要的组成部分，但 投资收益金额和占比在 2023 年 就超过了手续费和佣金净收入，成为营业收入第二大组成部分 。 二、存款占比较低 + 存款定期化，净息差持续收窄 2024 年华夏银行净息差为 1.59% ，较 2023 年大幅 下降 23 个 BP ，且近五年来基本每年下降均超 过 20 个 B ...

一、营收继续下降，净利润略有回升 2024 年末，光大银行总资产为 6.96 万亿元 ，同比增长 2.75% 。当年实现营业收入 1354.15 亿元 ， 同比下降 7.05% ，营业收入连续 3 年下降。 2024 年实现归母净利润 416.96 亿元 ，同比增长 2.22% ， 在 2023 年净利润下降后 2024 年实现回正，盈利能力有所巩固。 二、规模扩张不及利率下降，营业收入连年负增长 在总资产规模增长且贷款总额也增长（ 2024 年末光大银行贷款总额 3.93 万亿元 ，同比增长 3.88% ）的背景下，光大银行营业收入还连年下降。究其原因一方面是 净息差下降较快 ， 2024 年光大银行净 息差为 1.54% ，较 2023 年下降 20 个 BP ；另一方面手续费及佣金净收入也持续下降。 2024 年光大银行规模扩张带来的利息净收入增加 57.79 亿元，但利率下降带来的 利息净收入下降 了 165.93 亿元 ，规模扩张的增长效应远抵不住利率下降的负面影响，最终导致利息净收入下降 108.14 亿元，同比降低 10.06% 。 2024 年光大银行零售金融业务营业收入为 550.96 亿元 ...

从不良贷款率来看，六大行不良率呈现出走低趋势，且低于5%的监管红线。 具体数据显示， 工 商 银 行 不 良 率 为 1 . 3 4% （ 下 降 2 个 BP ） 、 农 业 银 行 1 . 3% （ 下 降 3 个 BP ） 、 中 国 银 行 1 . 2 5% （下降2个BP）、建设银行1 . 3 4%（下降3个BP）、交通银行1 . 3 1%（下降2个BP）。仅有邮 储银行不良率微升7个BP至0 . 9 0%，但仍为六大行中最低水平。 除此之外，还有部分银行延续了连续下降趋势，如建设银行不良率从2 0 2 0年末的1 . 5 6%降至 1 . 3 4%，实现5年连降；农业银行从1 . 3 7%降至1 . 3%，实现3年连降。 在拨备覆盖率这一资产质量"安全垫"指标方面，六大行的拨备覆盖率均大幅超过1 5 0%的监管 红 线 ， 分 布 在 2 0 0%~3 0 0% 的 安 全 区 间 。 其 中 ， 工 商 银 行 （ 2 1 4 . 9 7% ） 、 中 国 银 行 （ 2 0 0 . 6 0% ） 和 交 通 银 行 （ 2 0 1 . 9 4% ） 较 上 年 有 所 提 升 ； 而 农 业 ...

随着贷款总额增加，工行、建行、农行、中行、交行和邮储银行六家 大型商业银行 （以下统称 "六大行"）近五年不良贷款 余额也持续上升 。 2024 年末工商银行不良贷款余额达到了 3794.58 亿元 ，建设银行和农业银行不良贷款余额也超过 3000 亿元 ，中国银行达到 2687.81 亿元 ，交通银行超过 1000 亿元 ，邮储银行也达到了 803.19 亿元 。 由于分母扩大， 六大行整体不良贷款率维持稳定 。除邮储银行外，其他 五家大型商业银行近五年 不良贷款率持续下降 ，与 2020 年末相比，五家大型商业银行 2024 年末不良贷款率均大幅下降（ 下降 幅度超过 20 个 BP ）。邮储银行 2024 年末不良贷款率比 2020 年末增加了 2 个 BP ，但近五年均控制 在 0.9% 以下， 整体不良贷款率在六大行中始终保持最优 。 | 银行名称 | 2020年末 | 2021 年末 | 2022年末 | 2023年末 | 2024 年末 | | --- | --- | --- | --- | --- | --- | | 工商银行 | 1.58% | 1.42% | 1. 38% | 1.36% ...